Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Lender that cut off brokers on the hook to borrowers for $37m

Notify me of new replies via email
Mortgage Professional America | 26 Aug 2013, 06:27 AM Agree 0
A major lender that recently cut off its broker channel has now agreed to pay out $37m to borrowers it foreclosed upon
  • Cary Michael | | 26 Aug 2013, 09:14 AM Agree 0
    Karma is a bitch.
  • Wm Matz | | 26 Aug 2013, 10:06 AM Agree 0
    Based on a recent California appeals court decision, there are potentially tens of thousands of foreclosures that may be overturned due to illegal foreclosure process. The potential liability could sink even big banks. But they have only themselves to blame due to their intentional violations.
  • A. Adams | | 26 Aug 2013, 01:44 PM Agree 0
    Screwed up country the usa, isn't it? You don't make your mortgage payment and end up getting money back?? Lawyers are the ones who benefited and those who want a new house or refinance will pay higher rates to cover this absurdity. There is NO free lunch.
  • Wm Matz | | 26 Aug 2013, 04:13 PM Agree 0
    A. Adams, you overlook the massive fraud that was perpetrated by Wall St on the country. Millions of borrowers were deceived into taking mortgages based on payments they thought were fixed, only to discover a few years later their payments doubled or even tripled.

    Then Wall St compounded the fraud by deceiving investors in the MBS as to the quality of mortgages. So now they are paying back investors too. Meanwhile the government was at least a passive co-conspirator in all this. Lawyers for the borrowers, investors, mortgage insurers, and local governments are the only ones who have brought any accountability to this mess.
Post a reply